{"id":72280,"date":"2023-10-13T13:22:33","date_gmt":"2023-10-13T17:22:33","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/chinese-court-rejects-crypto-lending-again\/"},"modified":"2023-10-13T13:22:39","modified_gmt":"2023-10-13T17:22:39","slug":"chinese-court-rejects-crypto-lending-again","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=72280","title":{"rendered":"Chinese Court Rejects Crypto Lending Again"},"content":{"rendered":"<div>\n<p>Crypto lending activity still falls outside the purview of China\u2019s legal system, ruled a Chinese court in the second ruling of the nation\u2019s kind on Tuesday.<\/p>\n<p>Per a press release from the Nanchang People\u2019s Court, lending out virtual currency and requesting a return \u201cis not within the scope of civil litigation.\u201d<\/p>\n<p>\u201cVirtual currency is different from digital RMB,\u201d said the judge for the related lawsuit, according to a Google-translated version of the press release. Digital RMB is a central bank digital currency (CBDC) issued by the Central Bank of China that is redeemable for banknotes and coins.<\/p>\n<p>\u201cVirtual currencies only exist in digital form, are not legal tender, and do not have legal compensation, such as Bitcoin, Ethereum, Tether, etc., and cannot be used as currency in the market,\u201d the judge continued.<\/p>\n<p>The case pertained to an individual identified as \u201cMr. Ming,\u201d who lent 80,000 USDT to \u201cMr. Gang,\u201d for stablecoin trading, in the interest of earning yield. The latter failed to pa back his loan, however, prompting a lawsuit from the former.<\/p>\n<p>However, since USDT wasn\u2019t determined to have been a currency issued in accordance with the law, the court did not consider it legally compensable. \u00a0Mr. Ming attempted to appeal the decision, though this too was dismissed.<\/p>\n<p>The judge highlighted the illegal nature of crypto transactions at large in their ruling, echoing the central bank with claims about crypto harming \u201cnational financial order,\u201d and \u201csocial public interests.\u201d They continued:<\/p>\n<p>\u201cIf any legal person, unincorporated organization, or natural person invests in virtual currencies and related derivatives that violates public order and good customs, the relevant civil legal actions will be invalid, and the resulting losses shall be borne by them themselves.\u201d<\/p>\n<h2>China\u2019s Crypto Ban<\/h2>\n<p>After banning Bitcoin mining in May 2021, China\u2019s central bank enacted a sweeping ban on all crypto transactions in September of that year, citing concerns over economic instability and criminal activity.<\/p>\n<p>China continues to attract significant crypto volume. Chainalysis reports that the region received $86.4 billion in transactions between July 2022 and June 2023. Chainalysis and others argue that such bans in China have been either ineffective or loosely enforced.<\/p>\n<p>Though mining activity in China has substantially fallen, estimates from Cambridge show that the nation still hosted over 20% of the globe\u2019s share of Bitcoin mining activity several months after the mining ban was enacted.\u00a0<br \/>\u00a0<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/landmark-ruling-chinese-court-rejects-crypto-lending-again.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crypto lending activity still falls outside the purview of China\u2019s legal system, ruled a Chinese court in the second ruling of the nation\u2019s kind on Tuesday. Per a press release from the Nanchang People\u2019s Court, lending out virtual currency and requesting a return \u201cis not within the scope of civil litigation.\u201d \u201cVirtual currency is different [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":72281,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-72280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chinese Court Rejects Crypto Lending Again | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Crypto lending activity still falls outside the purview of China\u2019s legal system, ruled a Chinese court in the second ruling of the nation\u2019s kind on\" \/>\n<meta name=\"robots\" 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